The number of cryptocurrencies in the market is increasing with the growing demand for better crypto projects. Of course, industry giants such as Bitcoin and Ethereum are still ruling the industry. But many new crypto projects are still in their infancy, making a significant difference.
The ETN cryptocurrency is one of those crypto projects making cryptocurrency more accessible and understandable for the masses. Many people are now considering investing in the token, but the volatile nature of the crypto market makes it very challenging to reach a reasonable conclusion.
So does it make sense to buy the ETN crypto at its anticipated prices? Let’s dive in to get a clear answer to this question.
Electroneum (ETN): What Is The Token About?
Electroneum (ETN) is a cryptocurrency of its kind since it differs from most other existing cryptocurrencies. The token is focused on making cryptos more accessible through mobile devices and facilitating efficient micropayments.
The platform does not come with heavy design elements making it ideal for mining crypto through smartphones. After mining the coins, one can seamlessly transfer the funds to their Electroneum wallet or the application.
This highlights that Electroneum (ETN) is here to facilitate the easier creation of digital money. Besides that, the crypto project also focuses on simplifying the transactions and storage of these assets. The platform developers intended Electroneum coin to become a medium of transaction for daily activities, especially in developing economies.
This would translate to better financial opportunities for everyone, irrespective of geography or demography. The Electroneum project also partners with many non-governmental organizations (NGOs) for the greater good of society.
Another important fact about the network is that it does not rely on extensive energy consumption. This is important given the increasing concerns associated with carbon emissions from the crypto industry.
Electroneum (ETN): Innovation Behind The Project
The Electroneum (ETN) token is the brainchild of Richard Ellis, a veteran specializing in mass products associated with smartphones and the internet. Ellis started working on blockchain technology in 2015 and finally registered Electroneum Ltd in July 2017. The token had its ICO in October 2017 and raised $40 million.
This was the ideal time for launching a cryptocurrency, given the widespread popularity of cryptocurrencies. In the first month of the launch, the token was traded at $0.01, but the price reached $0.04 by December 2017. Following this, the cryptocurrency was listed on the prominent crypto exchange HitBTC. This enabled the Electroneum prices to remain over the $0.1 range till the end of the year.
China’s Role In Pushing The Token Into Bullish Trend
But things took a bad turn in 2018 with China banning cryptocurrencies. As a result, things again changed by March 2018, with Electroneum (ETN) being listed in more exchanges, including CoinSpot, KuCoin, and Bitbns. By July of the same year, crypto prices again climbed above the $0.01 mark.
By September 2018, the Electroneum (ETN) was worth $0.005, which again increased to $0.02 by the next month. One primary reason behind this increase was that people could now buy Electroneum (ETN) tokens in exchange for their fiat currencies. But things again took a wrong turn by 2019, with the Electroneum (ETN) reaching a valuation of $0.005 by January 2019.
The entire year of 2019 was very turbulent for the Electroneum (ETN). The token mostly traded between the price range of $0.004 to $0.001 throughout the year. But its value spiked a little in May 2019, reaching $0.01. Even 2020 was a relatively turbulent year, with the token trading at more or less a similar price range.
2021: Bullish Trend Flows In For ETN
By 2021, things started to change for good, with the crypto market gearing for another noteworthy boom. Electroneum (ETN) prices peaked at about $0.015 by February 2021, reaching $0.0199 in March.
These prices later climbed to $0.039 and kept on fluctuating through the rest of the year. By December 2021, Electroneum (ETN) was valued at two cents while starting 2022 with a price tag of $0.006 in January 2022.
As of December 2022, the Electroneum (ETN) token has a valuation of $0.0022 with a market cap of $39.6 million and a trading volume of $24,746.52. There are currently 17.9 billion ETN coins circulating in the market.
Electroneum (ETN): What Do The Price Predictions Say?
Most price predictions for the Electroneum (ETN) tokens are optimistic. However, the token will likely close in 2022 with an average price of about $0.012 if things go well. Besides that, the chances of the cryptocurrency Electroneum reaching the $.035 mark are very high.
Following this, the token will likely climb more ladders and reach and exceed the $0.240 mark by the end of this decade. That said, it is worth noting that crypto predictions are subject to change with respective developments in the market. Thus it would be wise on your part to keep up with all the market developments and make your investment decisions accordingly.
Electroneum (ETN): Should You Consider Investing In The Token?
There is no definitive way to say if crypto is worth your investment shortly. This is because so many factors are at play that makes this market subject to high volatility. Besides, crypto investments have personal implications, which can differ based on individuals. So you must consider these things before making any concrete decision about investing in cryptocurrency.
It is essential to mention that Electroneum (ETN) is a unique token that strives to make crypto more accessible to people. So this ensures the token has a solid foundation and is not succumbing to market pressure anytime soon. Of course, things do look gloomy now, given the recent developments in the market. But given enough time, chances are high that the Electroneum crypto will bounce back again.
The crypto market has a well-established reputation for its volatile nature. Thus, investors and traders must keep up with all the developments in the market and base their decisions on the information at hand. In the case of the Electroneum (ETN) token, chances are high; it will turn into a fruitful long-term investment if everything goes well.